In his latest blog, Alex Taylor, Business Development Lead at The International Stock Exchange (TISE), looks at the latest trends in the private markets, including the launch of platforms such as TISE Private Markets offering faster, cheaper and more transparent trading model, and asks whether the sector is at a tipping point.

After two years of recalibration, private markets entered 2025 with a strong tailwind - and the results from Q1 speak volumes.
Issuance (across Europe) is rising, secondary volumes are accelerating, and innovative liquidity solutions are scaling. 

Q1 2025 highlights at a glance

•    Global private market AUM: $13.8 trillion (up 8% YoY)
•    Secondary market volumes: +24% YoY across major platforms
•    US private equity dry powder: $1.5 trillion (an all-time high)
•    Time to liquidity (venture-backed firms): 9.6 years (down from 11.2 in 2023)
•    European capital raised: €112 billion (up 17% YoY)

US Private Markets: Momentum Returns - & Trump

The US entered 2025 with a clear shift from caution to momentum. Particularly notable is the growth in structured secondary solutions: continuation funds, GP-led secondaries, and private markets trading platforms are seeing a wave of activity.

A standout in Q1? A $600 million secondary transaction for a late-stage unicorn, facilitated through a digital private platform - the biggest private liquidity event since 2021, with over 30 institutional investors involved.

"While headline risk is real, private markets have always been better suited to longer-term plays."

But of course, the Trump tariff. While headline risk is real, private markets have always been better suited to longer-term plays. In the short term, tariffs may dent sentiment and increase volatility in internationally exposed sectors. But from a private capital lens, these disruptions could create attractive entry points and more demand for flexible liquidity through secondaries.

UK & Europe: Policy Backing Meets Platform Innovation

Across the UK and EU, there’s real forward motion - not just in capital raised, but in how private markets operate.

The Edinburgh Reforms and the EU’s Capital Markets Union agenda are finally gaining traction. We saw a 17% YoY jump in capital raised across UK and European private platforms in Q1 alone.

"What’s even more encouraging is the technological evolution of the private markets’ ecosystem."

What’s even more encouraging is the technological evolution of the private markets’ ecosystem. From the LSE’s first tokenised private issuance to TISE and others exploring tokenised secondary trading for real-world assets, the infrastructure is catching up with investor expectations. Platforms offering faster, cheaper, and more transparent trading models - like TISE Private Markets with its, arguably, trailblazing solution, its T+0 settlement and flat-fee structure - are gaining serious attention.

We’re also seeing increased activity from alternative trading venues like JP Jenkins, Asset Match and TISE, giving founders and early investors more viable liquidity paths without waiting for an IPO.

Closing Thought

Private markets are no longer playing catch-up — they’re driving capital formation in ways that public markets increasingly struggle to match.

"Private markets are no longer playing catch-up — they’re driving capital formation..."

In the US, despite the tariff noise, we’re seeing a surge in secondaries and a record wall of dry powder waiting to be deployed. In Europe, policy reform and technology are finally converging to unlock the market’s full potential.

If the first quarter of 2025 is any indication, this could be the year that private capital becomes not just alternative, but essential — trusted, transparent, and increasingly liquid.

* Data sources include 2025 industry estimates from PitchBook, Preqin, Bain & Company, and TISE analysis of market data.